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i terms of the watclunaii - . year two>ollars payable in m*e bot if not paid in advance two dollars aajfiftj * liarged inserted ai fl tor the first,and^5 cts fo each wb8eqÂ«ent insertion court ordera charged 25 per ci higher than these rales a liberal ik-juc lion to those who advertise by the >"'â€¢'â– kl rras to the lv.litors tntwl be poet paid message of his excellency gov it 1 graham fo the legislature of north carolina : fo the h0jmÂ»able the gobsal assi â– ::â– :.', i n rth cai ust the recurrence of the regulnr session pf the legislature after the lapse of two pore years demands of us renewed ex iressions of gratitude and praise lo an ill-bounteous providence lor tbe numer pus manifestations in beneficence with which we have been favored with rare xception health has been enjoyed a nong or.r population in an unsual degree be fruits ot the earth have been yi ided i abundance not merely for the supply 1 all our wants but to relieve the dis penses ol our famishing brethren in other auds and out common country has been gstored to the blessing of peace the regiment of volunteers required ot tbe war with mexico which wits be ing h-vitd at the last adjournment of the legislature was mustered into the service uftbe united states and embarked for ihe fear of war as early as practicable after iheir arrival al smithville being assign ed to the column of the army commanded by major general ray lor and reaching iheir destination after the memorable de feat of the enemy at buena vista which overthrew and dispersed his forces in that joarter they did not have the good for me toj anticipate in those victories which lave so signally illustrated our arms fliey bore however their full share of the privations and hardships incident to camp lie and contributed more than their doe iroportion of victims to a climate more ireadful than the foe had opportunity een afforded them lo test their prowess n battle 1 doubt not that under the dis ipline and lead of their gallant and able they would have won laurels or themselves and brought home honors or their country under ihe resolutions i the las session making appropriations o that end 1 drew irom the treasury at sundry times from january till may 1m7 he sum of eleven thousand two hundred ind thirty dollars 11,230 for the use of iie regiment for the disbursement of which vouchers have been deposited in he office of the comptroller of public ac ounts an ac having been pas he re cnl session of congress t i fund to the kates any monies advanced for the com ort and transportation of their volunteers irior to being mustered into service with oterest on the same i transmitted to the secretary of war an account of the ad vances just stated as well as of the trans portation of a part of ihe regiment over the raleigh and gaston railroad,on their way to the rendezvous and desired its early adjustment a strict construction : been placed on this act by the war department and proof being demand ed which requires the vouchers of dis bursement to be exhibited before its ac counting officers it was deemed best to postpone the farther prosecution of the claim until they shall have undergone ihe examination of your committee of fi nance the above sum is exclusive of an ex penditure ot 293,03 under a separate resolution of the general assembly to purchase fla^s for the regiment which have been returned to the office of th adjutant general ami are subject to your disposition the fiscal affairs of i he state still con tioue to claim the first place in the consi deration of the legislature the detail ej operations of the treasury since the last session will be found in the reports of the public treasurer and comptroller of public accounts while ils resources have been sufficient to satisfy all just de mands and to uphold the public credit it will be perceived lhat but little progress has been made in extinguishing the state debt and in making payments by means obtained on loan we have only exchanged one creditor for another in my first mes o the last general assembly i sta ted in 11u itso ihe various liabilities of the treasury and traced the history of those irisingfrom endorsements for the raleigh aiul gaston railroad company for a clear comprehension ol ibe subject at pre sent it may be necessary to repeat that on account of her first suretyship for this company the state is responsible for the sum of 500,000 of which the interest is to be paid semi-annually and the princi pal at such lime after the 1st day of january 1860 as the legislature shall hereafter appoint :" lhat she undertook a second responsibility lor the company to the amount of 82sc.500 with interest payable in like manner and the principal in annual instalments ol 30,000 each from 1845 till 1854,and lhat four of these instalments have been already discharged so that there remain of this ciass of bonds outstanding the sum ot 166,500 lint to aid the treasury in paying these instal ments of principal while sustaining the ordinary expenses of government and the heavy drafts i'ov interest on the aggregate of both these classes of d r here has been borrowed from the rjanli ol cine fear within the last four vears the sum of s90000 besides ihe loan irom the lit erary fund hereinafter mentioned such are our responsibuuies the scrupulous regard for the public honor which is justly ihe pride ol the slate requires them to be promptly met 1 0 provide for this in the mode least burdensome to the people is the appropriate duty ol iheir represeota-i ves unless and until something may be realized from a re sale of the railroad or a recovery against its stockholders and bondsmen our only reliance is upon some the carolina watchman bruxer & james ) d or:::s.indl:bcctvis,arf i ehi series genl uurriso v volume v,â€”number 31 salisbury x c thursday december 7 1848 measure for the increase of the revenoe which shall furnish the means of gradu ally curtailing the principal while ii keeps down the interest the principal of the debt of 8500.000 does not press with any immediate force as we have already seen and requires nothing at present hut a pro vision for its interest the bank of cape fear is also hound by its charter lo lend to the state at any lime when called for an amount not exceeding 8150.000 and no stipulation is made as to the time of pay ment the residue therefore of 166,500 is the only portion of the liability having a fixed ami early day for its liquidation to meet the interest on the three descrip tions of debt and the principal as it may become due of that last referred to 1 re commend that when the means in the treasury are insufficient for these ends the treasurer he authorized to issue state bonds redeemable in ten years to an a mount equal to the deficiency it is also worthy of your attentive inquiry whether like bonds should not be at once issued in lieu of the debt of 890,000 due the bank of cape fear to the state it is a mat ter of indifference whetbershe shall have the loan from the bank or from other cap italists but in a community where bank ing capital is limited and with ihe freest use of their means the banks can afford no greater accommodation than is requir ed lor the demands of business it is a se rious privation to commercial men to be without the facilities which would be fur nished by the loan ol this amount among them the advantage of allowing the new loan a considerable time to run say ten years is that it would ensure its being taken immediately at par i not at a pre mium it is however contrary to all true principles of finance to contract a loan without also providing not only for the interest hut for the gradual redemption ol the principal if the foregoing sugges tions be adopted they will consolidate the bank debt and the residue of the si mller debt on account of the railroad in a loan ot 256,500 redeemable in ten years and if the present legislature shall pro vide for the extinguishment of this amount of the public obligations within that pe riod and the punctual payment of inter est on the whole they will have accom j plished as much as may lie at present needful leaving to iheir successors the i adoption of measures for the repayment of the debt of 500,000 â€¢Â« at any time after the 1st day of january 1800 as origin ally stipulated this arrangement will require a sinking fund of about 25,000 annually for the redemption of the princi pal besides about 845,000 for interest the latter sum however will gradually fall to 880.000 as the debt is diminished in other words it will require 70,000 or thereabouts to be annually applied to the public debt over and above die ordinary expensesof government now averaging about a like sum making the whole a mount wanted for each year 140,000 in the message to the last legislature already referred to our revenue system was reviewed with reference to the de mands on the treasury.and an argument was submitted lo demonstrate that the stale annually lost seven or eight thou sand dollars from failures to enlist lands for taxation whereby they bad escaped their contingent entirely or from under valuation by means ol which it had been avoided in part ; and that probably an equal sum was lost in the poll lax from a like criminal negligence,in rendering lists of taxable persons accordinglv,the act of the last session directed a new assess ment and a more vigilant supervision of the enlistment of lands the result has been that the land revenue of 1847 col lected under the new law has exceeded that of is 10 under the old by the sum of 5,911,02 a table attached'to the re port of the public treasurer will show that the total number of acres taxed in 1846 was 22,468.558 and that in 1817 it rose lo 24.359,075 and that the aggregate valuation of land and town property in is 16 was 55.254,191,and that in 18l7 it grew to 66,430.821 with these material additions in quantity and valuation the amount of taxes received from real estate is yet lower by two or three thousand dol lars than ought to be obtained at the pre sent rate there has been also an in crease in the year of 11561 78 in the poll tax it appears now to be collected on 173,111 persons against 165.310 in the previous year i am yet satisfied however from the statistics embodied in my former message that even this number tails short by at least 20,000 of ihe whole taxable population of the state it therefore will call for your investigation why a valua tion on land of 66,430,821 at six cents on the one hundred dollars valu . yields only 37,921 21 and why out ol al least 105,000 taxable polls in tin state more than jo.000 yet escape taxation altogeth er the important addition to the reve nue on real property and polls ol near 7,500 by reason of the measures adop ted at the la>t session has been the pro duct of no new imposition on our constit uents but the mere consequence of a fair and equal contribution to those formerly existing by a still closer scrutiny of the subject especially in the department of the poll tax i apprehend that a plan may be devised to obtain a still further incre ment of live or six thousand dollars from the sources at existing rates but with all the hid derivable from such measures the treasury will need addi tional means to reduce our liabilities as proposed above the revenue collected the present year from all sources amounts to 396.604 69 by correcting ihe deficien cesju>t now exposed it mav be raised to exceed 8100,000 leaving a deficit of about 40,000 to be supplied from other resour ces of this it mav be reasonably calcu lated that 12,000 per year mav be deriv ed from collections on cherokee bonds transferred to the treasury from the fund of internal improvement under an act of the last general assembly if two cents be added on the hundred dollars value of real estate as was the law prior to 1821 and six cents on the poll they would yield enough with the claim on the war department before mentioned and the debt secured by mortgage on the weldon toll bridge to the board of internal im provement which is not yet collected to make up the residue it is however the peculiar province of the legislature to devise the ways and means to fulfil all our engagements and preserve the public faith and in suggesting those just nam ed which are simple usual and certainly | reliable i desire to be understood as en tertaining no preference for the n above any others which the wisdom of the gen eral assembly shall approve the duty ol the executive is performed in presen ting with frankness the neccesities of ihe treasury leaving the manner and time of relief to the proper constitutional de partment of the government it is of mo ment however that measures should be taken in due season to liquidate by de grees the state's liabilities and the pro cess herein recommended is not more spec ' dy than a wise policy demands if addi tional resources shall be realized from a sale of the railrod or recoveries in the suits against the stockholders they will come opportunely in furtherance of the measures for reduction now proposed but the expectation of them does not justify its postponement at the present session you will doubtless observe in the re ports of the comptroller that ihere is no statement of any tax received on the suc cession to estates real and personal of de ; ceased persons by others than lineal des cendants which was imposed by an act of last session whether the unfruitful ness of this source of revenue thus far has been owing to the failure to prescribe any specilic lime for its payment to the clerks and for its being accounted for by them or to other causes is a question for your investigation agreeably to the instructions of the act of the last session i caused an informa tion in the nature of a bill of equity to be instituted in the proper court of wake county against the stockholders and oth er obligors of the raliegh and gaston railroad company lo recover the indem nity stipulated in the event of any loss to the state by reason of her suretyships for that company the great number of par ties defendant and the changes of parties by transfers of interest and by deaths have delayed the progress of the cause to final decision and as it embraces the main subject of controversy between ihe state and any of the defendants the coun sel for the state have not pressed for tri al the actions at law against some of them which had been previously pending my opinion of the legal responsibilities of these parties was presented at some length in the message ol 1840 and remains unchanged in consideration however of the circumstances of their case i am led to the conclusion that it is a proper sub ject for adjustment by compromise and that liberal terms should be allowed by the slate the transaction which occa sioned it has been truly unfortunate for both parties while on the one hand it has imposed a burthen on the treasury which is heavily felt on the other ihe whole capital stock of 700,000 subscri bed and paid in has been lost to the nidi dividual contributors and the property in ihe road which it went to construct has been purchased in by the state and af fords the accommodation to the public which was the chief inducement with the legislature in authorizing ils construction if in audition to the loss of the stock al ready sustained they shall be subjected to an equal recovery on the responsibili ties subsequently contracted on account of the road it will be a double grievance which many i apprehend will be unable to bear a portion of them have no doubt sufficient means to meet it without mate rial injury but the larger number among whom are widows orphans clergymen mechanics planters with large families and moderate estates have heretofore felt the deprivation of the means invested in this road as a calamity and cannot suf fer an exaction ot a like amount now with out ruin 1 s ibmit these observations be coming as 1 think the candor and impar tiality of a chief magistrate with the less reserve from an absence ol all mer est at any time in this work and of con nexion with ny of the persons concerned which could occasion any improper bias what may be fitting terms of accommo dation can only be determined by the le gislaiuie and can be more readily nego tiated by a conference of those interested with a committee ot your body than in any other mode the operations of the raleigh and gas ton railroad for the past two years will be folly detailed hi tbe report ofthe bo rd of commissioners the statement of its treasurer published in the newspapers in analogy to the report of the comptroll er on the public finances for the year oiling the lstol november 1847 showed its earnings to have been 68902 o7 and disbursements su.3.457 93 for ihe fol lowing year ending november 1st 1848 ihe earnings were about 57,000 and dis bursements exclusive of extraordinary re pairs rendered necessary by a conflagra tion which destroyed the principal build ing of the road at raleigh 52,479 72 add to this the amount of these repairs viz 28,791 1)3 and the sum total ol dis bursements will be 81,271 go on the night of the 25th of february last the machine shop and engine house at the de pot in raleigh with till their contents of a combustible nature having been destroy ed by fire and the four best locommotives of the road as well aslhe stationarj steam engine being seriously endamaged it be came necessary to take immediate steps to repair the injury or to permit the railroad with its appendages to go to destruction finding no power adequate to the exigen cy conferred on the commissioners of the road 1 convened the council of state and submitted to them the alternatives of ei ther convoking the legislature in special session to provide the needlul means or of mortgaging the railroad property for the sum of 25,000 die amount of loss and damage occasioned by the fire as es timated by its president by virtue of the power conferred on the governor and council to make sale of the same they advised the adoption of the latter anil an arrangement was made with the bank ofthe state of north carolina to advance the sum required at such times as they might he called for by the progress ol the repairs on bonds ofthe state reciting on their face the consideration and a deed in trust on the railroad and its appendant properly to secure their payment ac cordingly bonds dated in april may and july last amounting in the whole to 25 000 all payable the 1st january next were negotiated and a deed in trust executed some provision is therefore necessary to to take up these bonds designing to place the whole subject under the control of the representatives of the people at the earliest convenient day 1 did not propose any longer term of credit if this how ever be desirable it doubtless can be eas ily affected by issuing state bonds at five years for an equal sum and requiring the railroad if retained by the state to pay the interest as it may accrue and gradu ally to extinguish the principal what course shall be adopted by the state in relation lo retaining or disposing of this road yet remains a question of great interest such had been the demand for repairs and improvements that it has yielded no dividends to the treasury for the last two years two new locomo tives however have been purchased at a cost of more than 7,000 each and the other engines refitted except one whol ly ruined by the lire before referred to so that the motive power ofthe establish ment is in better condition than at any lime heretofore new and superior iron has been also purchased and laid down for near ten miles from gaston southward and the whole superstructure of the road has been renewed for lhat distance ve ry extensive renewals have also been made in the wood work of the line gener ally but the process of repairing is now carried on under great disadvantage for want of iron to relay a considerable part ofthe track and the present earnings of the road are insufficient to procure it the northern half of the line over which the heaviest trains pass was originally laid with thin iron which is much broken and occasions a greal waste of labor in temporarily refitting with fragments that are soon to be broken again as well as constant damage to the engines and cars from tliti severe wear and car to which it subjects them a prudent economy often consists in a liberal expenditure any proprietor of this work would find it his true interest to put it in complete re pair even if it were necessary lo give lien on the property to raise the means if therefore the road shall not be transferred to other handsduringyoarsitting.it is ob viously expedient and proper to purchase immediately iron railing sufficient to re lit it for at least thirty miles fifty thou sand dollars expended for this purpose might enable the state to receive as pro fits some fifteen twenty or twenty-five thousand ofthe fifty-live to seventy thou sand the present income of the road a large part of which is now spent on the ineffectual reparation above described its operation may go on as at present without such aid but they afford no pros pect of profit il'a loan be contracted for this object on liberal time there can be little doubt of the ability of the road to pay it with interest and in the event nf a sale it would enhance the price of ih whole property by an amount certainty equal to the money ihi.s laid out ii would no doubl be preferable n convert this property into funds i r the rebel of the treasury raiher than to make any other dispo sition of it to expose it at auction however would be to sacrifice ii from the magnitude ol ibe interest and the facility wilh which bidders could combine iheir capital and p;it down com petition after a committee of your body shall huvc made i thorough investigation of the af fairs of the who and tu iii.it end shall bavoex anÂ»ini tl â– n oalh its officers and bead-workmen il deemed necessary three modes of disposing ofil will as 1 conceive present themselves to wit 1 a re-sale lo the former stockholders by compromise fine suits now pending if suit able terms lie offered 2nd to retain it as a permanent proper of the state after repairing it in ihe besl manner 3rd to uuiie ii with another work through the interior of the - which will be more particularly noticed h ihe sequeb the wilmington and raleigh rail road company have regularly paid ihe interest on all their debts and effected considerable im provement on iheir road with the income ofthe last two years a minute statement ofthe con diiion ol their affairs will accompany he re port of the board of menial improvement 1 am gratified lo observe a very haudsome addi lion to their receipts in the items of freight and way travel showing lhal the local accommoda lion from this work is becomi g much extend ed they will 1 presume be unable lo pay off the principal of their bonds guaranteed by ihe state and amounting to 50,000 which will become clue on the 1st of january next but so long as ihey continue to meet the accru ing interest with iheir accustomed punctuality ihere can be no objection to extending to them ihe stale's credit upon the same terms as here tofore or even lor a longer period in surveying our territory with an eye lo the present interest and wants ofthe people i am more lhan ever impressed with our destitution ol facilities for cheap and speedy iransporlation in litis regard however unpleasant maybe ihe admission i am forced lo ihe conviction lhal we labor under greater disadvantages lhan any slate in the union : and lhat we never can be equal competitors with their citizens in our agriculture ihe predominant pursuit among us until these disadvantages are in a great degree overcome the man who is obliged lo trans port in waggons over no better roads lhan ours i a distance varying from sixty lo two hundred and fifty miles al the speed ol twenty five miles per day can no more contend for profits with him who has ihe advantage of railroads or good navigation than can the spinning wheel with ihe cotton mill had we ever been in a more favorable situation in this respect and had the impediments which now besei its been im posed by human power no sacrifice would he esteemed too greal lo affeel our deliverance and restore our prosperity it is therefore a theme for the profoundesl considera'ion ofihoseenjoy ing ihe confidence of a constituency thus situat ed and intending lo requite it by a faithful de votion lo iheir interests what can be done or ought lo be undertaken to remove these giiev ances and place their industry and labor on an equal looting with ihose of their fellow citizens in other slates ? ii must be admitted that from geographical causes the.question was origin ally one rather difliciill of solution and our former enlerprizes in internal improvement having failed from causps not necessary to lie now commented on ihe slate lias of late years taken no action in constructing works of ihis kind and many good citizens appear to have concluded that further efforts were vain as our doom to privation in this particular was fixed fate meanwhile other slates have pushed for ward their improvements some of them wilh a rash and extravagant hand it is true hut in the main with the most beneficial results over coming obstacles far greater than any which impede us and obtaining for themselves still greater advantages over us in the competitions of the market we are heiefore impelled not only by all the more obvious considerations which appealed to us in former times but by a reasonable self defence lo abandon further iws ilalion and adopt at once a system ol improve ment comtoensuraie wilh ihe wants and inter est ofthe sale too much should nol be un derlaken al once iml what may be attempted should lie thoroughly completed as the com mencemeut of such a system and a basis on which other woiks may he engrafted to any desirable extent as our means may from time to time permit a railroad from raleigh to char loile by way of salisbury appears tome of ihe first moment this scheme has not been much considered heretofore and derives much ol its importance from a kindred work now in pro gress from charlotte lo columbia south caro lina already from raleigh northward contin uous line of railroad and steamboat lramÂ»por talion stretch through ihe towns of virginia and the great cities ofthe north to portland in maine and buffalo on lake erie similar works also exist or are in progress with a cer laintj of completion in the course of a year or lwo,e)iieiidin2fromcharloitesotilh\vardtlirou<'h columbia to charleston and again from the former oflhese through augusta and the inle rior ofgeorgia and tennessee to nashvilli as well as to the mississippi at memphis and to new orleans by way of montgomery and m Â»- bile through a part ofnorlh carolina alone a link is wauling to complete the grand chain of communication from one extremity ol our country to the oilier and lo furnish to the whole nation those facilities of intercourse which lie inhabitants north an'i south of us enjoy i iheir several sections the connexion proposed therefore being as it were a bridge over r - now impassible by team rars having at fiiher end the great highways of the north and south with their numerous branches for a ibousand miles in both directions promises a reason ible rpmunerain n for the out i iy of its construction from throi lransjÂ»otta:i n and in a mili larv an ' other points of view wo l he ol _â– :â€¢â– r national a ivanlage had nature supplied us wilh i .'â– igable rb - . 'â– .â– â– the mississippi tl v â€¢ ing fiom i ileioh and charlotte respective .. i new york and new orleans oi even loch tries ton all would al once perceive ihe benefil oi ihe junction of tbe two though ibe int-rior ol the state as i early as di i the genius i clin ton lhal arising from ihe union of ihe hudson wilh the greal lakes the parallel may nol be yel perfect in the present slate ol rai conveyances bul is destined lo he so al nodis tanl day i5';i ibe foregoing are merely incidental in ducements lo nndertake ibis work it is com mended to os as a great north carolina im provement appealing lo our interest and slate pride by arguments which it were almost crim i inal to overlook 1st il would open to iho maikfl ofthe world an e'xtensive r-'gion of ihe stale rta<3ikig fnÂ«n the capitol almost in the blue ridgf o greal fwlifily arid capacity lor indefinite improvement by reason ol its a^ri cultural mineral and manufacturing resource containing in the counties within iwenlv.fije miles ol ihe in l rlirecl route more lhan 230 â€¢ 000 souls and within fifty milea n re lhaa r ift ' ' ''"â– " Â« n who are i';,r removed irom places oftrade and depen fait en lirely on ihe common waggon and common road i â– " all iheii transportation the occasion will nol pi rmil me lo dwell on its numberless ben fits in ibis regaid whi h wi.i readily occur to a,,v â€¢ 'â€¢'â€¢ Â» h i looks on ihe m ip ofi .â– â€¢ state with ':- '"â– ' f a statesman and patriot 2nd it i incalculably to the business and val ue 'â– ' - â€¢"' ind ultimately ol both of llr present !',,. .. which the slate has so deep an interest and make ihem productive stocks 3rj it w u!d unite ihe mi idle and eastern with ihe western section of t slate ni a rj mestic trade ami exchange f pro.luc li us loo cum - . â€¢ .,, j nf conveyance besi - _ ahh a social i . rco use 1 ;,. it i nning over " 'â– ' 'Â«"Â«' practii . fn m r ileigh to sab isliury and ihrnce turning - ithwestward to charlotte it would bisect the state for more than a hundred miles _ g the m si i mote on either side within fitij mites of ihe railroad and would be in a favorable location for being extended still farther west from tbe former . and lo conned advantageously bv means of turnpike roads wilh all he northwestern uf oui territory ' \\ hi it would confer these ! n fits on the interior country now depressed an partially pxcl ded from all profitable commerce the b jection h is no been overlooked lhal ii if.es not point immediately lo ihe seaboard of our own stale an i lo an incr ase of ihe prosperity of our market towns lei ihemh wever not des pair is advantages will be afforded lo ihem in due season ifier the completion of the main track a branch to fayetteville or ether point m the navigable water ofthe cape i'ear river will be of easy accomplishment its ex tension vom raleigh lo goldsboro would be invited by ihe connexion thus lo be formed be tween \\ ilmington and the upper country and eventually it might realize lhal scheme of a central railroad consecrated by ihe patriotic labors of caldwell in an extension from gold boro lo beaufort whether therefore we ro gard ii as a single work or as ihe groundwork of an extensive plan the road from raleigh lo charlotte appears lo be ibe important improve inenl which -' uld 1 si engage our attention and our eneigi - vnd 1 accordingly rftcoia mend it in the patronage ofthe legislature lo the amount of one half or ai least two tilihs of ihe capital necessary for its const ruction the distance is ahoul one hundred and si\iy miles by the mail route and he rosl of the road and equipments over such route as mav he selected would probably nol exceed 1,600,000 as an inducement lo aid this scheme ii presents an opportunity for disposing ofthe raleigh and gaston road as has been intimated in the pre ceding remarks on that topic \ company mighl be organized lo embrace ihe emiie lino from gaston lo charlotte and the road now owned by ihe stale transferred lo ihem at a fair valuation in payment of her subscription for stock of the particulars of such an arrange in ait if favored by ihe legislature no delinea lion is here required 1 have already treated of this subject wilh m re minuteness lhan may be appropriate in an address ofi his kind because ii ins as yel allracted bul little of the pub lie attention and from a deep impression of its utility in alleviating the condition n our indu try and reviving ihe waning fortunes of our countrymenâ€”while it gives an assured profit on the capital invested 1 have remarked with much satisfaction that some enterprising person among our fellow citizens have commenced lie navigation of neuse and tar rivers with steamboats ol a light class and lhat a spiril is awakened among ibe people ofthe upper section oflhe cape fear to open lhat river for navigation lo or above tha continence of ii main branches every sue cessful etloit al objects of this nature is a pub lie benefit and deserves ibe fostering aid oi the legislature il has nut been thought expedient to exercise ihe powei confeired on the board ol internal improvemenl by ihe lasl general assembly lo sell ibo club-fool and harlow'i creek dual and il expired by iiniitatiun with iboopeoiogof yuur scdui i beg again lo impress on j*oui allenliod iho indispensable necessity of improving our public roads h is little creditable lo our enterprise and intelligence lhal although we are consid erably taxed iu ihe frequent calls on our labor for ibis object our method of maintaining iho public highways has made no advance beyond lhal existing in england iu ihe lime of philip and mary b commissioners not exceeding two in each county were elected by ihe coun ly courts with authority lo in*peel ihe chief public roads and la them off on the most fa vorahle ground and were cl iihed with author ily iu supervise and direct ihe hands assembled how to work them it would doubles lend much in iheir improvement these courii should also be invested wilh powei lomaktip prunriaiinns from iii count i ind lo alter ami improve the mosl difficult parts and lo make dank roads where necessary and practicable with ihe means al iheii command indeed it i urgpd upon y ir inq dry whether ihe recent improvement of ihe plank/oad maj not be in irod iced iui i extensive use in ibis slate the ring li'lle ui â€¢ i expense fin engineering the abundance and cheapness of limber and iheir adaptation in i -â– â– . imp i f ihe lower and the clay s i i tc mmend ihem lo us wi \ i _ - , oflhe s ite i m re than evei d iisequei sh diicor cries oi useful and valuable minerals in new sil i i o and the important results ol like ex plm ihoiis in oihei slates we have bepn as yel Â» profiting fur ibe iwi n ol dur pauper l inalics th - - who h ire been visited v iih the loss i i :<â– ison have been ibandoncd to iheir fa n cases of furious madness in which ihey have been committed lo ihe in non i stui hers of ;';â€¢â– peace il i n Â« ascertained lh it these iji -,- bictionsof ii ire cui able a - those of ibe h . : . â– â– :â€¢ -' . have -, u !.â€¢ i â€¢ â€¢ the p â€¢ ir ihus afflict j . lipse o thu mderslandii _â€¢ i - â€¢â– i with needful re me \ lis . ierson ol the gentler sex Â« , has 'â€¢â– â– â– â€¢ led much ol tier life lo the pious duty of pleading the cause ol the lunatic be fore si ' â– â– : ' ni n inities ! is recently tra v â€¢ ,â– -. ibh part of this stale in search . â– fourth :>â– !>â– ?

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i terms of the watclunaii - . year two>ollars payable in m*e bot if not paid in advance two dollars aajfiftj * liarged inserted ai fl tor the first,and^5 cts fo each wb8eqÂ«ent insertion court ordera charged 25 per ci higher than these rales a liberal ik-juc lion to those who advertise by the >"'â€¢'â– kl rras to the lv.litors tntwl be poet paid message of his excellency gov it 1 graham fo the legislature of north carolina : fo the h0jmÂ»able the gobsal assi â– ::â– :.', i n rth cai ust the recurrence of the regulnr session pf the legislature after the lapse of two pore years demands of us renewed ex iressions of gratitude and praise lo an ill-bounteous providence lor tbe numer pus manifestations in beneficence with which we have been favored with rare xception health has been enjoyed a nong or.r population in an unsual degree be fruits ot the earth have been yi ided i abundance not merely for the supply 1 all our wants but to relieve the dis penses ol our famishing brethren in other auds and out common country has been gstored to the blessing of peace the regiment of volunteers required ot tbe war with mexico which wits be ing h-vitd at the last adjournment of the legislature was mustered into the service uftbe united states and embarked for ihe fear of war as early as practicable after iheir arrival al smithville being assign ed to the column of the army commanded by major general ray lor and reaching iheir destination after the memorable de feat of the enemy at buena vista which overthrew and dispersed his forces in that joarter they did not have the good for me toj anticipate in those victories which lave so signally illustrated our arms fliey bore however their full share of the privations and hardships incident to camp lie and contributed more than their doe iroportion of victims to a climate more ireadful than the foe had opportunity een afforded them lo test their prowess n battle 1 doubt not that under the dis ipline and lead of their gallant and able they would have won laurels or themselves and brought home honors or their country under ihe resolutions i the las session making appropriations o that end 1 drew irom the treasury at sundry times from january till may 1m7 he sum of eleven thousand two hundred ind thirty dollars 11,230 for the use of iie regiment for the disbursement of which vouchers have been deposited in he office of the comptroller of public ac ounts an ac having been pas he re cnl session of congress t i fund to the kates any monies advanced for the com ort and transportation of their volunteers irior to being mustered into service with oterest on the same i transmitted to the secretary of war an account of the ad vances just stated as well as of the trans portation of a part of ihe regiment over the raleigh and gaston railroad,on their way to the rendezvous and desired its early adjustment a strict construction : been placed on this act by the war department and proof being demand ed which requires the vouchers of dis bursement to be exhibited before its ac counting officers it was deemed best to postpone the farther prosecution of the claim until they shall have undergone ihe examination of your committee of fi nance the above sum is exclusive of an ex penditure ot 293,03 under a separate resolution of the general assembly to purchase fla^s for the regiment which have been returned to the office of th adjutant general ami are subject to your disposition the fiscal affairs of i he state still con tioue to claim the first place in the consi deration of the legislature the detail ej operations of the treasury since the last session will be found in the reports of the public treasurer and comptroller of public accounts while ils resources have been sufficient to satisfy all just de mands and to uphold the public credit it will be perceived lhat but little progress has been made in extinguishing the state debt and in making payments by means obtained on loan we have only exchanged one creditor for another in my first mes o the last general assembly i sta ted in 11u itso ihe various liabilities of the treasury and traced the history of those irisingfrom endorsements for the raleigh aiul gaston railroad company for a clear comprehension ol ibe subject at pre sent it may be necessary to repeat that on account of her first suretyship for this company the state is responsible for the sum of 500,000 of which the interest is to be paid semi-annually and the princi pal at such lime after the 1st day of january 1860 as the legislature shall hereafter appoint :" lhat she undertook a second responsibility lor the company to the amount of 82sc.500 with interest payable in like manner and the principal in annual instalments ol 30,000 each from 1845 till 1854,and lhat four of these instalments have been already discharged so that there remain of this ciass of bonds outstanding the sum ot 166,500 lint to aid the treasury in paying these instal ments of principal while sustaining the ordinary expenses of government and the heavy drafts i'ov interest on the aggregate of both these classes of d r here has been borrowed from the rjanli ol cine fear within the last four vears the sum of s90000 besides ihe loan irom the lit erary fund hereinafter mentioned such are our responsibuuies the scrupulous regard for the public honor which is justly ihe pride ol the slate requires them to be promptly met 1 0 provide for this in the mode least burdensome to the people is the appropriate duty ol iheir represeota-i ves unless and until something may be realized from a re sale of the railroad or a recovery against its stockholders and bondsmen our only reliance is upon some the carolina watchman bruxer & james ) d or:::s.indl:bcctvis,arf i ehi series genl uurriso v volume v,â€”number 31 salisbury x c thursday december 7 1848 measure for the increase of the revenoe which shall furnish the means of gradu ally curtailing the principal while ii keeps down the interest the principal of the debt of 8500.000 does not press with any immediate force as we have already seen and requires nothing at present hut a pro vision for its interest the bank of cape fear is also hound by its charter lo lend to the state at any lime when called for an amount not exceeding 8150.000 and no stipulation is made as to the time of pay ment the residue therefore of 166,500 is the only portion of the liability having a fixed ami early day for its liquidation to meet the interest on the three descrip tions of debt and the principal as it may become due of that last referred to 1 re commend that when the means in the treasury are insufficient for these ends the treasurer he authorized to issue state bonds redeemable in ten years to an a mount equal to the deficiency it is also worthy of your attentive inquiry whether like bonds should not be at once issued in lieu of the debt of 890,000 due the bank of cape fear to the state it is a mat ter of indifference whetbershe shall have the loan from the bank or from other cap italists but in a community where bank ing capital is limited and with ihe freest use of their means the banks can afford no greater accommodation than is requir ed lor the demands of business it is a se rious privation to commercial men to be without the facilities which would be fur nished by the loan ol this amount among them the advantage of allowing the new loan a considerable time to run say ten years is that it would ensure its being taken immediately at par i not at a pre mium it is however contrary to all true principles of finance to contract a loan without also providing not only for the interest hut for the gradual redemption ol the principal if the foregoing sugges tions be adopted they will consolidate the bank debt and the residue of the si mller debt on account of the railroad in a loan ot 256,500 redeemable in ten years and if the present legislature shall pro vide for the extinguishment of this amount of the public obligations within that pe riod and the punctual payment of inter est on the whole they will have accom j plished as much as may lie at present needful leaving to iheir successors the i adoption of measures for the repayment of the debt of 500,000 â€¢Â« at any time after the 1st day of january 1800 as origin ally stipulated this arrangement will require a sinking fund of about 25,000 annually for the redemption of the princi pal besides about 845,000 for interest the latter sum however will gradually fall to 880.000 as the debt is diminished in other words it will require 70,000 or thereabouts to be annually applied to the public debt over and above die ordinary expensesof government now averaging about a like sum making the whole a mount wanted for each year 140,000 in the message to the last legislature already referred to our revenue system was reviewed with reference to the de mands on the treasury.and an argument was submitted lo demonstrate that the stale annually lost seven or eight thou sand dollars from failures to enlist lands for taxation whereby they bad escaped their contingent entirely or from under valuation by means ol which it had been avoided in part ; and that probably an equal sum was lost in the poll lax from a like criminal negligence,in rendering lists of taxable persons accordinglv,the act of the last session directed a new assess ment and a more vigilant supervision of the enlistment of lands the result has been that the land revenue of 1847 col lected under the new law has exceeded that of is 10 under the old by the sum of 5,911,02 a table attached'to the re port of the public treasurer will show that the total number of acres taxed in 1846 was 22,468.558 and that in 1817 it rose lo 24.359,075 and that the aggregate valuation of land and town property in is 16 was 55.254,191,and that in 18l7 it grew to 66,430.821 with these material additions in quantity and valuation the amount of taxes received from real estate is yet lower by two or three thousand dol lars than ought to be obtained at the pre sent rate there has been also an in crease in the year of 11561 78 in the poll tax it appears now to be collected on 173,111 persons against 165.310 in the previous year i am yet satisfied however from the statistics embodied in my former message that even this number tails short by at least 20,000 of ihe whole taxable population of the state it therefore will call for your investigation why a valua tion on land of 66,430,821 at six cents on the one hundred dollars valu . yields only 37,921 21 and why out ol al least 105,000 taxable polls in tin state more than jo.000 yet escape taxation altogeth er the important addition to the reve nue on real property and polls ol near 7,500 by reason of the measures adop ted at the la>t session has been the pro duct of no new imposition on our constit uents but the mere consequence of a fair and equal contribution to those formerly existing by a still closer scrutiny of the subject especially in the department of the poll tax i apprehend that a plan may be devised to obtain a still further incre ment of live or six thousand dollars from the sources at existing rates but with all the hid derivable from such measures the treasury will need addi tional means to reduce our liabilities as proposed above the revenue collected the present year from all sources amounts to 396.604 69 by correcting ihe deficien cesju>t now exposed it mav be raised to exceed 8100,000 leaving a deficit of about 40,000 to be supplied from other resour ces of this it mav be reasonably calcu lated that 12,000 per year mav be deriv ed from collections on cherokee bonds transferred to the treasury from the fund of internal improvement under an act of the last general assembly if two cents be added on the hundred dollars value of real estate as was the law prior to 1821 and six cents on the poll they would yield enough with the claim on the war department before mentioned and the debt secured by mortgage on the weldon toll bridge to the board of internal im provement which is not yet collected to make up the residue it is however the peculiar province of the legislature to devise the ways and means to fulfil all our engagements and preserve the public faith and in suggesting those just nam ed which are simple usual and certainly | reliable i desire to be understood as en tertaining no preference for the n above any others which the wisdom of the gen eral assembly shall approve the duty ol the executive is performed in presen ting with frankness the neccesities of ihe treasury leaving the manner and time of relief to the proper constitutional de partment of the government it is of mo ment however that measures should be taken in due season to liquidate by de grees the state's liabilities and the pro cess herein recommended is not more spec ' dy than a wise policy demands if addi tional resources shall be realized from a sale of the railrod or recoveries in the suits against the stockholders they will come opportunely in furtherance of the measures for reduction now proposed but the expectation of them does not justify its postponement at the present session you will doubtless observe in the re ports of the comptroller that ihere is no statement of any tax received on the suc cession to estates real and personal of de ; ceased persons by others than lineal des cendants which was imposed by an act of last session whether the unfruitful ness of this source of revenue thus far has been owing to the failure to prescribe any specilic lime for its payment to the clerks and for its being accounted for by them or to other causes is a question for your investigation agreeably to the instructions of the act of the last session i caused an informa tion in the nature of a bill of equity to be instituted in the proper court of wake county against the stockholders and oth er obligors of the raliegh and gaston railroad company lo recover the indem nity stipulated in the event of any loss to the state by reason of her suretyships for that company the great number of par ties defendant and the changes of parties by transfers of interest and by deaths have delayed the progress of the cause to final decision and as it embraces the main subject of controversy between ihe state and any of the defendants the coun sel for the state have not pressed for tri al the actions at law against some of them which had been previously pending my opinion of the legal responsibilities of these parties was presented at some length in the message ol 1840 and remains unchanged in consideration however of the circumstances of their case i am led to the conclusion that it is a proper sub ject for adjustment by compromise and that liberal terms should be allowed by the slate the transaction which occa sioned it has been truly unfortunate for both parties while on the one hand it has imposed a burthen on the treasury which is heavily felt on the other ihe whole capital stock of 700,000 subscri bed and paid in has been lost to the nidi dividual contributors and the property in ihe road which it went to construct has been purchased in by the state and af fords the accommodation to the public which was the chief inducement with the legislature in authorizing ils construction if in audition to the loss of the stock al ready sustained they shall be subjected to an equal recovery on the responsibili ties subsequently contracted on account of the road it will be a double grievance which many i apprehend will be unable to bear a portion of them have no doubt sufficient means to meet it without mate rial injury but the larger number among whom are widows orphans clergymen mechanics planters with large families and moderate estates have heretofore felt the deprivation of the means invested in this road as a calamity and cannot suf fer an exaction ot a like amount now with out ruin 1 s ibmit these observations be coming as 1 think the candor and impar tiality of a chief magistrate with the less reserve from an absence ol all mer est at any time in this work and of con nexion with ny of the persons concerned which could occasion any improper bias what may be fitting terms of accommo dation can only be determined by the le gislaiuie and can be more readily nego tiated by a conference of those interested with a committee ot your body than in any other mode the operations of the raleigh and gas ton railroad for the past two years will be folly detailed hi tbe report ofthe bo rd of commissioners the statement of its treasurer published in the newspapers in analogy to the report of the comptroll er on the public finances for the year oiling the lstol november 1847 showed its earnings to have been 68902 o7 and disbursements su.3.457 93 for ihe fol lowing year ending november 1st 1848 ihe earnings were about 57,000 and dis bursements exclusive of extraordinary re pairs rendered necessary by a conflagra tion which destroyed the principal build ing of the road at raleigh 52,479 72 add to this the amount of these repairs viz 28,791 1)3 and the sum total ol dis bursements will be 81,271 go on the night of the 25th of february last the machine shop and engine house at the de pot in raleigh with till their contents of a combustible nature having been destroy ed by fire and the four best locommotives of the road as well aslhe stationarj steam engine being seriously endamaged it be came necessary to take immediate steps to repair the injury or to permit the railroad with its appendages to go to destruction finding no power adequate to the exigen cy conferred on the commissioners of the road 1 convened the council of state and submitted to them the alternatives of ei ther convoking the legislature in special session to provide the needlul means or of mortgaging the railroad property for the sum of 25,000 die amount of loss and damage occasioned by the fire as es timated by its president by virtue of the power conferred on the governor and council to make sale of the same they advised the adoption of the latter anil an arrangement was made with the bank ofthe state of north carolina to advance the sum required at such times as they might he called for by the progress ol the repairs on bonds ofthe state reciting on their face the consideration and a deed in trust on the railroad and its appendant properly to secure their payment ac cordingly bonds dated in april may and july last amounting in the whole to 25 000 all payable the 1st january next were negotiated and a deed in trust executed some provision is therefore necessary to to take up these bonds designing to place the whole subject under the control of the representatives of the people at the earliest convenient day 1 did not propose any longer term of credit if this how ever be desirable it doubtless can be eas ily affected by issuing state bonds at five years for an equal sum and requiring the railroad if retained by the state to pay the interest as it may accrue and gradu ally to extinguish the principal what course shall be adopted by the state in relation lo retaining or disposing of this road yet remains a question of great interest such had been the demand for repairs and improvements that it has yielded no dividends to the treasury for the last two years two new locomo tives however have been purchased at a cost of more than 7,000 each and the other engines refitted except one whol ly ruined by the lire before referred to so that the motive power ofthe establish ment is in better condition than at any lime heretofore new and superior iron has been also purchased and laid down for near ten miles from gaston southward and the whole superstructure of the road has been renewed for lhat distance ve ry extensive renewals have also been made in the wood work of the line gener ally but the process of repairing is now carried on under great disadvantage for want of iron to relay a considerable part ofthe track and the present earnings of the road are insufficient to procure it the northern half of the line over which the heaviest trains pass was originally laid with thin iron which is much broken and occasions a greal waste of labor in temporarily refitting with fragments that are soon to be broken again as well as constant damage to the engines and cars from tliti severe wear and car to which it subjects them a prudent economy often consists in a liberal expenditure any proprietor of this work would find it his true interest to put it in complete re pair even if it were necessary lo give lien on the property to raise the means if therefore the road shall not be transferred to other handsduringyoarsitting.it is ob viously expedient and proper to purchase immediately iron railing sufficient to re lit it for at least thirty miles fifty thou sand dollars expended for this purpose might enable the state to receive as pro fits some fifteen twenty or twenty-five thousand ofthe fifty-live to seventy thou sand the present income of the road a large part of which is now spent on the ineffectual reparation above described its operation may go on as at present without such aid but they afford no pros pect of profit il'a loan be contracted for this object on liberal time there can be little doubt of the ability of the road to pay it with interest and in the event nf a sale it would enhance the price of ih whole property by an amount certainty equal to the money ihi.s laid out ii would no doubl be preferable n convert this property into funds i r the rebel of the treasury raiher than to make any other dispo sition of it to expose it at auction however would be to sacrifice ii from the magnitude ol ibe interest and the facility wilh which bidders could combine iheir capital and p;it down com petition after a committee of your body shall huvc made i thorough investigation of the af fairs of the who and tu iii.it end shall bavoex anÂ»ini tl â– n oalh its officers and bead-workmen il deemed necessary three modes of disposing ofil will as 1 conceive present themselves to wit 1 a re-sale lo the former stockholders by compromise fine suits now pending if suit able terms lie offered 2nd to retain it as a permanent proper of the state after repairing it in ihe besl manner 3rd to uuiie ii with another work through the interior of the - which will be more particularly noticed h ihe sequeb the wilmington and raleigh rail road company have regularly paid ihe interest on all their debts and effected considerable im provement on iheir road with the income ofthe last two years a minute statement ofthe con diiion ol their affairs will accompany he re port of the board of menial improvement 1 am gratified lo observe a very haudsome addi lion to their receipts in the items of freight and way travel showing lhal the local accommoda lion from this work is becomi g much extend ed they will 1 presume be unable lo pay off the principal of their bonds guaranteed by ihe state and amounting to 50,000 which will become clue on the 1st of january next but so long as ihey continue to meet the accru ing interest with iheir accustomed punctuality ihere can be no objection to extending to them ihe stale's credit upon the same terms as here tofore or even lor a longer period in surveying our territory with an eye lo the present interest and wants ofthe people i am more lhan ever impressed with our destitution ol facilities for cheap and speedy iransporlation in litis regard however unpleasant maybe ihe admission i am forced lo ihe conviction lhal we labor under greater disadvantages lhan any slate in the union : and lhat we never can be equal competitors with their citizens in our agriculture ihe predominant pursuit among us until these disadvantages are in a great degree overcome the man who is obliged lo trans port in waggons over no better roads lhan ours i a distance varying from sixty lo two hundred and fifty miles al the speed ol twenty five miles per day can no more contend for profits with him who has ihe advantage of railroads or good navigation than can the spinning wheel with ihe cotton mill had we ever been in a more favorable situation in this respect and had the impediments which now besei its been im posed by human power no sacrifice would he esteemed too greal lo affeel our deliverance and restore our prosperity it is therefore a theme for the profoundesl considera'ion ofihoseenjoy ing ihe confidence of a constituency thus situat ed and intending lo requite it by a faithful de votion lo iheir interests what can be done or ought lo be undertaken to remove these giiev ances and place their industry and labor on an equal looting with ihose of their fellow citizens in other slates ? ii must be admitted that from geographical causes the.question was origin ally one rather difliciill of solution and our former enlerprizes in internal improvement having failed from causps not necessary to lie now commented on ihe slate lias of late years taken no action in constructing works of ihis kind and many good citizens appear to have concluded that further efforts were vain as our doom to privation in this particular was fixed fate meanwhile other slates have pushed for ward their improvements some of them wilh a rash and extravagant hand it is true hut in the main with the most beneficial results over coming obstacles far greater than any which impede us and obtaining for themselves still greater advantages over us in the competitions of the market we are heiefore impelled not only by all the more obvious considerations which appealed to us in former times but by a reasonable self defence lo abandon further iws ilalion and adopt at once a system ol improve ment comtoensuraie wilh ihe wants and inter est ofthe sale too much should nol be un derlaken al once iml what may be attempted should lie thoroughly completed as the com mencemeut of such a system and a basis on which other woiks may he engrafted to any desirable extent as our means may from time to time permit a railroad from raleigh to char loile by way of salisbury appears tome of ihe first moment this scheme has not been much considered heretofore and derives much ol its importance from a kindred work now in pro gress from charlotte lo columbia south caro lina already from raleigh northward contin uous line of railroad and steamboat lramÂ»por talion stretch through ihe towns of virginia and the great cities ofthe north to portland in maine and buffalo on lake erie similar works also exist or are in progress with a cer laintj of completion in the course of a year or lwo,e)iieiidin2fromcharloitesotilh\vardtlirouâ– !>â– ?